Silver price fluctuations 31.8: The increase has not stopped

Domestic silver price

As of 10:25 a.m. on August 31, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.521 - 1.568 million VND/tael (buy - sell); unchanged in both directions compared to yesterday morning.

The price of 999 taels of silver (1 tael) at Phu Quy Jewelry Group was listed at 1.521 - 1.568 million VND/tael (buy - sell); unchanged in both directions compared to yesterday morning.

The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 40.559 - 41.813 million VND/kg (buy - sell); unchanged in both directions compared to yesterday morning.

World silver price

On the world market, as of 10:55 a.m. on August 31 (Vietnam time), the world silver price was listed at 39.66 USD/ounce; unchanged from yesterday morning.

Causes and predictions

Silver prices are anchored at a high level, currently surpassing the 39.53 USD/ounce mark set on July 23. According to market and macro analyst Vishal Chaturvedi, the increase in silver is being supported by a weakening USD and safe-haven demand.

The market believes that the US Federal Reserve (FED) will cut interest rates at its September meeting, although US inflation data is still mixed. The core PCE index in July increased 2.9% over the same period last year, the highest in 5 months, while the PCE remained at 2.6%. However, Vishal Chaturvedi believes that investors are focusing more on the weakening signal of the labor market.

" Interest rate swaps currently valuate the possibility of the Fed cutting interest rates in September at 87%. A weak US dollar, geopolitical tensions and stable industrial demand from solar - green energy also continue to strengthen silver prices" - Vishal Chaturvedi said.

Technically, the expert said that silver prices exceeding 39.50 USD/ounce have paved the way to the psychological mark of 40.00 USD/ounce.

"If it stays strong, silver could head toward $41.48/ounce and further toward $43.40/ounce - highs in 2011. In contrast, the closest support is at 39.00 USD/ounce, followed by around 38.35 USD/ounce" - Vishal Chaturvedi expressed his opinion.